Kotak Bank Sets Record Date to Determine FY22 Dividend Eligible Shareholders

Kotak Mahindra Bank sets record date to determine shareholders eligible for interim dividend of 1.10 per share for FY22. The announcement was made on Saturday when the bank presented its financial performance for the quarter ending June 30, 2022 (Q1FY23). Additionally, Kotak plans to pay the dividend to these shareholders on August 29 and September 2 this year.

In accordance with the regulatory filing, Kotak Bank said: “August 12, 2022 has been set as the ‘record date’, for the purpose of determining members eligible to receive a dividend on equity shares, for the year ended March 31, 2022, as recommended by the Bank’s Board of Directors at its meeting of May 4, 2022.”

Additionally, Kotak said the dividend, if declared at the AGM, will be paid between Monday, August 29, 2022 and Friday, September 2, 2022 (both days inclusive).

On May 4, Kotak Bank’s Board of Directors recommended a dividend of 1.10 per capital share with a par value of 5 each out of net profit for the year ending March 31, 2022. He said: “The Bank is required to pay a dividend to those shareholders whose names appear in the register of members at the date of the closing of the book. The dividend will be paid after shareholder approval at the annual general meeting.”

Typically, when a company makes a profit, it shares some of the surplus with shareholders who hold some of their stock and this is called a “dividend”.

In accordance with the BSE FAQ, the company offers the possibility of directly crediting the dividend to the member’s bank account. Listing regulations also require companies to credit the dividend to members electronically. Members are therefore invited to take advantage of this facility to ensure safe and rapid crediting of their dividend to their bank account.

In the first quarter of FY23, Kotak Bank reported 26% growth in net profit to 2,071 crores of 1,642 crore in Q1FY22. Net interest income (NII) during the quarter under review was 4,697 crores, from 3,942 crores in Q1FY22 – registering a rise of 19%. Net interest margin (NIM) was 4.92% for Q1FY23.

As of June 30, 2022, the GNPA was at 2.24% and the NNPA at 0.62%. The provision coverage rate was 72.6%.

On BSE, Kotak Bank shares closed at 1,826.40 each per 25.60 or 1.42%. Its market capitalization is approximately 3 62,619.72 crore.

Catch all the company news and updates on Live Mint. Download the Mint News app to get daily market updates and live trade news.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

Comments are closed.